Deutsche Bank continues wealth biz consolidation
Deutsche Bank AG plans to push ahead with the consolidation of its global wealth-management operations, despite the negative effect on client assets in locations such as Japan and Australia where it has shut booking centres to cut costs and streamline the business.
Germany’s largest bank plans to focus on growing its wealth business in markets such as Hong Kong, Singapore, the US and Switzerland, while closing “a few more“ booking centres between now and the end of next year, according to Fabrizio Campelli, Deutsche Bank’s head of global wealth management.
“The cost of complexity, partly because of regulation and the controlled environment that we want to enforce, has gone up significantly and become too high,“ Campelli said in an interview Friday in Singapore.
“To do that effectively and efficiently, we need to choose“ the countries to focus on, Campelli added.